The Supreme Court has set interim bail for Sahara chief Subrata Roy at Rs 5,000 crore in cash, and Rs 5,000 crore in guarantees to the Securites and Exchange Board of India (SEBI) in bank guarantees.
"SC asks #Sahara to respond by tomorrow to their precondition of depositing Rs.10000cr for bail to Subroto Roy." tweets @JaskiratSB from Headlines Today. Roy has been locked up by the Supreme Court since early this month for contempt of court, after failing to turn up repeatedly for court hearings about Sahara's failure to repay its investors Rs 24,000 crore in investments.
The bench of Justices KS Radhakrishnan and Jagdish Singh Khehar ruled (PDF order):
We have 25.03.2014. gone through the fresh proposal filed on 25.03.2014. Though the same is not in compliance with our Order dated 31.08.2012 or the Order passed by the three-Judge Bench of this Court on 05.12.2012 in Civil Appeal No.8643 of 2012 and on 25.02.2013 in I.A. No.67 of 2013 in Civil Appeal No.9813 of 2011 with I.A. No.5 of 2013 in Civil Appeal No.9833 of 2011, we are inclined to grant interim bail to the contemnors who are detained by virtue of our order dated 04.03.2014, on the condition that they would pay the amount of Rs.10,000 crores - out of which Rs.5,000 crores to be deposited before this Court and for the balance a Bank Guarantee of a nationalized bank be furnished in favour of S.E.B.I. and be deposited before this Court.
On compliance, the contemnors be released forthwith and the amount deposited be released to S.E.B.I. We make it clear that this order is passed in order to facilitate the contemnors to further raise the balance amount so as to comply with the Court's Orders mentioned above.
See also: Court Witness' prescient blog on world legal history's de facto biggest ever 'bail', which could now become an actual world-record bail.
Photo by Hamed Saber
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A small suggestion, guess the headline to the story should be changed a bit. Rather than saying 5000 cr SEBI guarantee, may be you could say 5000 cr BG or 5000 cr guarantee in favour of SEBI. Think it'll provide a truer picture to the reader.
Just a suggestion!
Best regards,
Kian
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